Planned Giving

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Open doors for the next generation. A gift to the Art Institute in your will, trust, or IRA helps ensure access to the museum’s ever-growing permanent collection, world-class exhibitions, and educational programs for visitors of all ages and backgrounds.

If you’ve already made the generous decision to include the Art Institute in your estate plans, thank you! You are invited to join fellow donors in the Buckingham Society. Please let us know of your plans so that we can include you in Buckingham Society programs.

James AllanExecutive Director, Planning Giving and Special Gifts(312) 443-3733jallan@artic.edu

How to Give

When you partner with the museum, you demonstrate a shared commitment to the cultural landscape of the city of Chicago and beyond.

One of the easiest ways to make a planned gift is to include the Art Institute in your will or trust. You can arrange for the museum to receive a specific dollar amount or a percentage of the remainder of your estate (a residuary bequest). Scroll down to find recommended language to share with your financial planner or attorney.

When you name your children or anyone other than your spouse as a beneficiary of your IRA, 401(k), or other retirement plan, they receive only a fraction of the plan’s face value, since inherited assets of retirement plans are subject to both estate and income taxes. You may want to name or designate the Art Institute as a beneficiary of your retirement plan; as a tax-exempt organization, the museum will generally receive the full amount of the plan’s value.

To name the museum as a beneficiary of your retirement plan, contact your plan administrator to obtain a beneficiary form.

As with a retirement plan, you can name the museum as a charitable beneficiary of your donor-advised fund (DAF). Simply complete a beneficiary designation form from your DAF advisor.

The Art Institute welcomes bequests and promised gifts of works of art. We ask that you notify the museum of your intentions beforehand so that the appropriate curatorial department can review and advise you as to whether your work is a good fit for the collection.

To have your donation considered, please provide the following information:

A charitable gift annuity (CGA) is a simple contract between you and the Art Institute. In exchange for your irrevocable gift of $10,000 or more, the museum pays you, yourself and a spouse, or any two beneficiaries you name, a fixed sum each year for life. The remaining balance passes to the museum when the contract ends. In addition to a dependable lifetime income stream, you receive an immediate income tax deduction and avoid capital gains tax on the gift transfer.

Designating Your Gift

Unrestricted gifts allow the museum to direct funds where they are most needed. You may also direct your gift toward a specific passion or interest, including:

Acquisitions

Conservation

Curatorial administration and research

Learning and public engagement programs and lectures

Permanent endowment funds

If you would like to designate your gift for a particular purpose, please contact us at jallan@artic.edu or athorsen@artic.edu so we can work together to ensure that the intentions of your gift are clear.

Recommended Language

To leave a gift to the museum in your will or trust, simply share the below with your financial planner or attorney. If you anticipate your bequest will be $50,000 or larger, you may wish to establish a named endowment in support of a specific department or area of the museum.

Art Institute of Chicago EIN: 36-2167725

To Make an Unrestricted Bequest“I give (the sum of _____ dollars), or (all or % of the residuary of my estate) to the Art Institute of Chicago, 111 South Michigan Avenue, Chicago, Illinois, in support of the museum’s general purposes.”

To Make a Bequest to the Museum’s General Endowment“I give (the sum of _____ dollars), or (all or % of the residuary of my estate) to the Art Institute of Chicago, 111 South Michigan Avenue, Chicago, Illinois, to the museum endowment.”

To Make a Gift to Establish a Named Endowment“I give (the sum of _____ dollars), or (all or ____percent) of the residuary of my estate) to the Art Institute of Chicago, 111 South Michigan Avenue, Chicago, Illinois, to create an endowed fund to be known as [add preferred name] Fund, the earnings from which, subject to the Art Institute’s then current spending policy, are to be used for the following Museum purpose: (state the purpose: i.e. Curatorial Department, Learning and Public Engagement, Conservation, etc.).”

Contact Us

If you have questions regarding recommended language for restricted gifts, named funds, or endowments, please do not hesitate to contact us at jallan@artic.edu or athorsen@artic.edu.

The material presented on this site is not offered as legal or tax advice. For assistance with your particular information, please consult your attorney, tax advisor, financial advisor, or other professional.